$643k /yr rent to Sell Hot Dogs Outside the Met

[ST]

The booted Metropolitan Museum of Art hot dog vendor's indigestion was fading Saturday after a fellow dog dealer offered him a job.

Pasang Sherpa, 51, of Long Island City, lost his prime spot outside the Met on Friday when he failed to pay his $53,558 monthly rent at the city's most lucrative vending spot.

Read (just a little) more:

[don]

Re: $643k /yr rent to Sell Hot Dogs Outside the Met

If he can net $5 a hot dog he only needs to sell around 11,000 a month. Assuming his selling prime is Manhattan business hours of M-F, 10 hours a day, that's about a dog a minute.

Has the Anglos-climbing-Everest bubble burst :eek:

Sherpa, you got problems.

[thunderdownunder]

Re: $643k /yr rent to Sell Hot Dogs Outside the Met

That would have to be the most expensive Annual "square meter" rate in the universe even if it is a prime site. Bean counters at the city must be crack heads, they certainly have lost touch with the normal people.Then again old Sherpa signed on the dotted line. Someone buy him a pocket calculator then take him around a show him some prime site leases.

[Rajiv]

Re: $643k /yr rent to Sell Hot Dogs Outside the Met

your assumptions are probably not correct. You are assuming that the deal is what it appears to be.

Now rethink your assumptions -- think NYC, money laundring and tax evasion -- and you may figure out why people bid such outrageous amounts for a hot dog stand!

[Munger]

Re: $643k /yr rent to Sell Hot Dogs Outside the Met

That would have to be the most expensive Annual "square meter" rate in the universe even if it is a prime site. Bean counters at the city must be crack heads, they certainly have lost touch with the normal people.Then again old Sherpa signed on the dotted line. Someone buy him a pocket calculator then take him around a show him some prime site leases.

I believe the price is set by auction. Thus, as Hudson advocates, the price appreciation "free rent" capital gains of the location go to the city.

[tsetsefly]

Re: $643k /yr rent to Sell Hot Dogs Outside the Met

and here is why he couldn't pay...

Sherpa agreed late last year to pay almost $643,000 annually for the right to sell food and drinks from carts on either side of the Met's entrance. He fell $310,000 behind on rent and the city has seized $170,000 in Sherpa's assets.
Sherpa and Rossi say the city needs to do a better job keeping so called "black market" hot dog vendors away from the Met.
"As soon as they pulled Sherpa's cart out yesterday, all these guys just pulled in. The city has to enforce the law," said Rossi.
These unlicensed dealers offer dogs and drinks for less money than the legit businessmen, whose prices are set by the Parks Department.
"I sell water for $2 and the others sell it for $1," he said. "If I charged $10 a hot dog maybe I could compete."

Read more: http://www.nydailynews.com/ny_local/...#ixzz0O8kO6hLN

why exactly should the city say how much you can charge for drinks and hot dogs?
He should sue the city for not living up to the contract and keeping competitors away...

[thunderdownunder]

Re: $643k /yr rent to Sell Hot Dogs Outside the Met

He just couldn't have time to sell enough Hotdogs to pay the rent+do the "laundry" and file a "tax return"
The man would be as busy as a one legged man in an ass kicking competition :eek:

[touchring]

Re: $643k /yr rent to Sell Hot Dogs Outside the Met

how much does the hotdog cost?